Covenant Trends – 5/15/2023
Percentage of New Issue First Lien Loans that Cleared with a J. Crew Trapdoor (Past performance is no guarantee of future results.) Contact: Steven Miller
TheLeadLeft
Letter from Down Under (Second of Two Parts)
In our various overseas meetings over the past six months with institutional investors in the Middle East, Japan, UK, Germany, Belgium, Switzerland, Singapore and, most recently, Australia, consistent themes arise. The virtues of private credit are generally well appreciated, particularly in light of recent interest rates that have lifted all-in returns to historic highs. But…
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Chart of the Week: All Are Super
Australia’s pension funds range in size; the largest represent 80% of industry assets.
Private Debt Intelligence – 5/15/2023
Private debt fundraising holds up in Q1 2023 In Q1 2023, 35 private debt funds worldwide raised $34.8bn, 90% of the capital raised in Q1 a year earlier, when 51 vehicles raised aggregate capital of $35.4bn. This indicates a slightly slower but still robust pace of fundraising, despite the difficult market and persistently challenging operating…
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Loan Stats at a Glance – 5/15/2023
Contact: Marina Lukatskymarina.lukatsky@pitchbook.com
PDI Picks – 5/15/2023
Europe’s pros and cons Private Debt Investor’s Europe Summit 2023 in London last week reflected on the state of play in the region. Here are five key observations. 1. Increasing moves by private credit firms into net asset value-based financing are in keeping with the growing recognition that private credit is the natural supporter of…
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The Pulse of Private Equity – 5/8/2023
A shift away from mega funds? Download PitchBook’s Report here. Most PE metrics got off to a slow start in Q1, but middle market fundraising stayed strong. According to PitchBook’s Q1 2023 US PE Breakdown, 41 MM funds closed in Q1, worth a combined $55 billion. The past four years have all seen at least 200…
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Debtwire Middle-Market – 5/8/2023
Defaults are expected to face prolonged rise Source: Debtwire Par Bubbling up: defaults continue year-long rise Default rates have been increasing steadily month-on-month (MoM) from a low in February 2022 of only 0.4% to over 2% of the loan universe as of March 2023. Bond rates have similarly been on the rise over the same…
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